Financing for Farms, Land and Rural Homes
Because we specialize in rural properties, our rural home and land loans are unique from other lenders and offer added flexibility. Farm Credit offers loans for lots, farmland, timberland, hunting tracts, land improvements and more!
- Rural Home and Land Financing - Frequently Asked QuestionsDo I need to have a property identified before speaking with a loan officer?
Not necessarily. The majority of initial conversations with our lending team take place when applicants know what they want to purchase or are simply considering buying something. We recommend meeting with your local loan officer as early in the process as you can, so they can understand what you’d like to purchase, your plans and if there is a loan product that fits your individual needs. Simply contact us online or give us a call at 800-919-3276 (FARM) to be paired with a local loan officer to get started.
I'd like to learn more about financing my farm, home or land with Farm Credit of the Virginias. How do I get started?Simply contact us online or give us a call at 800-919-3276 (FARM) to be paired with a local loan officer to get started.
What makes Farm Credit land loans so unique?Because we specialize in rural properties, our land loans are unique from other lenders and offer added flexibility. We offer long-term, fixed rate loans with no obligation to build within a certain time frame, no land survey requirement (unless title insurance exception) and best of all, Farm Credit is exempt from recordation tax, which means you save money on closing costs. We make loans for lots, farmland, timberland, hunting tracts, land improvements and more!
What type of interest rates does Farm Credit of the Virginias offer?Farm Credit of the Virginias has several rate plans available to suit your particular needs and unique financial situation, including fixed, variable and fixed-variable. Learn more about the rates we offer below. Not sure which option is right for you? Our team members are here to sort out your options and make a recommendation that will help you maximize the use of your money while minimizing your interest cost. Contact us online or give us a call at 800-919-3276 (FARM) to be paired with a local loan officer to learn more.
- Fixed rates can help you manage risk. Fixed rate means that your interest rate and loan payment is set for the life of your loan. It cannot increase, nor will it decrease with the interest rate market
- Variable rate loans have an interest rate that can vary during the term of the loan. The rate may be lower than current fixed rate loans but can change based on an index. A variable rate loan allows you, the borrower, to decide how much interest rate risk you are willing to take based on your individual needs.
- For a fixed-variable rate loan, the interest rate is fixed for an initial period with a longer amortization. At the end of the initial fixed rate period the rate rolls over to a variable rate. You may have the option to reprice or convert before the end of the fixed term should you desire to lock into a longer term rate or take advantage in declining rates. At the end of the fixed period you may negotiate another fixed rate for a period of time based on the current rate.
What terms does Farm Credit of the Virginias offer?Depending on the kind of loan, we offer short-term, intermediate-term, and long-term repayment periods. The length of a loan repayment can range from one month to 30 years, depending on the loan program and rate selected.
Good financial management dictates that loan terms correspond to the life of the operation or asset being financed. For example, seed, fertilizer, and other agricultural operating expenses are used up when the crop is grown, while items with a very long life, like farm real estate, can support longer terms.
Not sure which option is right for you? Our team members are here to sort out your options and make a recommendation that will help you maximize the use of your money while minimizing your interest cost. Contact us online or give us a call at 800-919-3276 (FARM) to be paired with a local loan officer to learn more.
Does Farm Credit of the Virginias finance construction?Farm Credit of the Virginias makes financing new home construction in rural areas simple. Embarking on a build can easily become overwhelming, for both first time and seasoned homebuilders. Our home financing experts will inform you every step of the way and help ease the process.
How do I determine a realistic budget for my purchase and financing options?We offer loan calculators on our website as a starting point, however to get the most accurate understanding of your financing options, contact us online or give us a call at 800-919-3276 (FARM) to be paired with a local loan officer.
- About Farm Credit of the VirginiasWhat makes Farm Credit different from other lenders?
Besides specializing in rural properties, Farm Credit is a cooperative. One of the most important financial benefits of being a Farm Credit member-borrower is having the opportunity to share in the association's profits, which we call a patronage refund. Most businesses return their profits to their owners, not their customers. When you borrow from Farm Credit, you become an owner of the business and are therefore entitled to share in the profits. The annual return effectively lowers your cost of borrowing. There are additional benefits associated with being a member-borrower of Farm Credit of the Virginias include customer appreciation events, member discounts, a member assistance program, the Farm Credit Knowledge Center and more.
What is a patronage refund?A patronage refund is a way of distributing the association's net income to its member-stockholders. A member's refund is based on the proportion of interest earned on his or her loan to the total interest earned by the association. A patronage refund is a way to refund a portion of the interest you paid on your loan.
Where does Farm Credit of the Virginias finance farms, homes and land?Farm Credit of the Virginias finances farms, home, land and agribusinesses in a 96-county service territory, which spans Virginia, West Virginia and western Maryland. Visit the locations page of our website to find a branch office near you.
Farm Credit of the Virginias provides financing to farmers, agribusinesses and rural home and landowners in VA, WV and western MD